Homework 6 - ORIE 3150 Homework #6 Due Tuesday, October 28,...

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ORIE 3150 Homework #6 Due Tuesday, October 28, 2008. Please print your section number on your homework submission. You may wish to retain a copy of this homework, as it will not be returned to you prior to the second prelim. 1. Joyful Elf Company purchased 1,000 shares of Traskar Inc. for $20 per share on November 6, 2004. The shares were regarded as trading securities. On December 31, 2004, Joyful Elf’s fiscal year end, the market value of the Traskar shares was $12 per share. On February 20, 2005, Traskar paid a cash dividend of $1.50 per share to all shareholders. On April 17, 2005, Joyful Elf sold the entire Traskar investment for $17 per share. a. Provide Joyful Elf’s December 31, 2004 journal entry related to the Traskar investment. b. Provide Joyful Elf’s February 20, 2005 journal entry related to the Traskar investment. c. Provide Joyful Elf’s April 17, 2005 journal entry related to the Traskar investment. d. What income (or loss) did Joyful Elf show in fiscal 2004 related to the Traskar investment? What income (or loss) did Joyful Elf show in fiscal 2005 related to the Traskar investment? 2.
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This note was uploaded on 02/06/2009 for the course ORIE 3150 taught by Professor Callister during the Spring '08 term at Cornell University (Engineering School).

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Homework 6 - ORIE 3150 Homework #6 Due Tuesday, October 28,...

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